Lease Extension vs. Renewal
While a lease extension and renewal both prolong a tenancy’s duration, there are key differences between the two.
- Extension – A lease extension lengthens the lease term while maintaining the agreement’s terms as-is.
- Renewal – A lease renewal means a new lease, a new term, and often revised conditions such as a rent increase.
Whether a lease term expires or not can have legal effects on the tenant and landlord’s rights and duties.
Sample
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LEASE EXTENSION AMENDMENT
1. THE PARTIES. This Lease Extension Amendment (“Amendment”) made this [MM/DD/YYYY], is by and between:
Landlord: [LANDLORD’S NAME] (“Landlord”).
Tenant: [TENANT’S NAME] (“Tenant”).
Landlord and Tenant are each referred to as a “Party” and, jointly, as the “Parties.”
2. EXISTING LEASE. The Parties agree to amend a lease signed by both the Landlord and Tenant on [MM/DD/YYYY], (“Existing Lease”) for the property located at [PROPERTY ADDRESS] (“Property”).
3. AMENDMENTS. The Parties hereby acknowledge the following:
The Existing Lease shall be extended for a period of [# OF MONTHS/YEARS] ☐ Months ☐ Years.
All other terms of the Existing Lease shall remain in full force and effect.
IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above.
Landlord’s Signature: ___________________ Date: ___________
Print Name: ___________________
Tenant’s Signature: ___________________ Date: ___________
Print Name: ___________________